TOKYO - PANASONIC said on Friday that it aimed to take over its struggling smaller rival Sanyo Electric, a move that could create Japan's largest electronics manufacturer.
The boards of the two companies agreed to start talks on a capital and business alliance with a view to Sanyo becoming a subsidiary of Panasonic, a company statement said.
A takeover of Sanyo would mark the first major shake-up of Japan's consumer electronics industry in response to the current downturn triggered by the global financial crisis and a stronger yen. -- AFP
